Title
Resolution No. 2024-38: Fiscal Year 2024-25 Budget Adoption, Budget Public Hearing, Recommendations from the Finance Committee, and Proposed Budget Revision Items; and Resolution No. 2024-39: City Council Policy F-2
Recommendation
a) Conduct a public hearing regarding the City Manager’s proposed budget for Fiscal Year 2024-25;
b) Determine this action is exempt from the California Environmental Quality Act (CEQA) pursuant to Sections 15060(c)(2) and 15060(c)(3) of the CEQA Guidelines because this action will not result in a physical change to the environment, directly or indirectly;
c) Consider the Finance Committee’s budget recommendations;
d) Review and approve the proposed budget revisions;
e) Adopt Resolution No. 2024-38, A Resolution of the City Council of the City of Newport Beach, California, Adopting the Budget for the 2024-25 Fiscal Year;
f) Review and approve the City Manager’s recommended list of City position classifications and their salary ranges as required by the California Public Employees’ Retirement System and in accordance with 2 CCR § 570.5 (a)(1);
g) Approve Budget Amendment No. 25-001, appropriating structural surplus revenue to one-time expenditure appropriations allocating additional funds to be paid to the California Public Employee’s Retirement System in Fiscal Year 2024-25 towards paying down the unfunded pension liability; and
h) Adopt Resolution No. 2024-39, A Resolution of the City Council of the City of Newport Beach, California, Amending City Council Policy F-2 (Reserve Policy).